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Published Date: May 15, 2023
1. Get an experienced real estate agent
Don’t underestimate the value of hiring an experienced real estate agent who knows how to sell million-dollar homes. The process for selling a luxury home is significantly different than the process for selling an average-priced home in a typical suburb, and it’s important to have an agent who understands what buyers are looking for and how to showcase it. Experienced agents can not only help you prep, list and market your home, but they can also use their connections to reach out to other agents and brokers to find buyers who are looking for homes like yours.Luxury second homes
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2. Know your property’s strengths
Pay attention to what buyers are looking for in your area, and be sure to highlight those features in the sales listing –especially if they’re rare. For example, if you live in a city and your home has a large yard, that can be a huge draw for buyers. Features like extra closet space, wine cellars, fireplaces, swimming pools and rooftop decks can also spark interest in a property. An experienced local real estate agent familiar with your competition can help identify your home’s standout features.3. Make your home irresistible
Most luxury home shoppers aren’t looking for a project property, so make sure your home is move-in ready. Simple updates can make a huge difference: a fresh coat of paint, new high-quality fixtures, freshly polished floors, new carpeting and professional landscaping. To take things up a notch, hire a professional to stage the property with upscale furnishings and decor. Stagers help draw attention to the home’s best features, like having plush towels by the sauna or dinner party place settings on the dining room table. Their work helps buyers envision what it’s like to live in the home.4. Create stunning visuals
Once your home is looking its best, your agent will arrange for top-quality photos and video footage of the property. Remember, the quality of your listing sends a distinct message about the quality of your home. Consider drone photography and video footage that includes life and movement, like a luxury car coming down the driveway or someone relaxing by the pool. You’re not just selling a home, you’re selling a luxury lifestyle. In addition to all major real estate listings sites, you can post photos and video on your social media channels.5. Educate potential buyers
Your home and community likely have hidden perks that buyers won’t know about unless you tell them. In listings and social media posts, be sure to highlight home features like smart security, home automation, central vacuums and heated floors. You might also want to share your favorite area restaurants, parks and other points of interest. These little extras can give your listing the added boost it needs to make it to the top of buyers’ lists. You may also want to host an invite-only party (in addition to agent open houses) to give brokers and potential buyers the full picture of what your home has to offer.6. Price properly
It may be tempting to pick the real estate agent who’s promising the highest list price for your property, but agents who know how to sell million dollar homes know that “comps” are key. Make sure your agent is basing your list price off competitive market analysis research, and have them explain their numbers. Keep in mind that listing strategies vary by market; sellers in some markets do well with bidding wars while others know it’s better to ask for top dollar up front and negotiate down. Again, an experienced real estate agent will know the ideal strategy to sell your home quickly for the best price.7. Know when to list
Mother Nature can be one of the best marketing partners you’ve ever had – or your worst enemy. If you’re selling a mountain lodge close to a ski resort, listing in the snowy season gives buyers the opportunity to see their future million-dollar home looking like a picture-perfect winter wonderland retreat. Likewise, sparkling water views sell great in the heat of summer,but if they’re in a hurricane zone it’s safer to aim for spring instead. Use your area’s climate and your home’s character to choose a season that will showcase your property’s best features.8. Be patient
When it comes to knowing how to sell million-dollar homes, one secret the pros don’t always share is this: It takes time. Again, it’s a niche market, and it’s kind of like dating – just like you have to kiss a lot of frogs before you find your prince or princess, your home might have to have a lot of walk-throughs and showcase parties before it finds its future owner. In the meantime, trust the process, work with your agent and stay the course.
Kasey Tross
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As a seasoned real estate professional with a profound understanding of luxury property markets, I've been deeply involved in guiding sellers through the intricate process of marketing and selling million-dollar homes. I've successfully navigated various markets, understanding the nuances that differentiate selling high-end properties from typical suburban homes. My expertise lies in crafting strategies that accentuate a property's unique features, leveraging market trends, and connecting with potential buyers on a personal level.
The concepts encompassed in the article "Tips & Advice for Selling Million-Dollar Homes" are:
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Experienced Real Estate Agent: Highlighting the significance of hiring a real estate agent experienced in selling luxury homes due to the unique process and market demands.
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Property’s Strengths and Features: Emphasizing the importance of understanding and showcasing a property's standout features, such as spacious yards, unique amenities (like wine cellars, fireplaces, etc.), and rare attributes that attract buyers.
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Making the Home Irresistible: Staging and preparing the home for sale by ensuring it is move-in ready with simple updates, professional staging, and attention to detail in decor to help buyers envision living in the space.
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Visual Presentation: Creating top-quality visual content through professional photography, videography, and possibly incorporating drone footage to highlight the luxurious lifestyle associated with the property.
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Educating Potential Buyers: Sharing hidden perks and features of the property and the surrounding community in listings and social media to attract potential buyers' attention.
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Proper Pricing Strategy: Advising on the significance of competitive market analysis to set the right listing price and understanding various listing strategies based on the market.
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Optimal Listing Timing: Recognizing the impact of seasonal factors and the property's characteristics in choosing the best time to list the property for sale.
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Patience in the Sales Process: Acknowledging that selling million-dollar homes takes time due to the niche market, emphasizing the need for patience and trust in the selling process.
These concepts collectively form a comprehensive guide for sellers aiming to navigate the unique landscape of selling high-end properties. Understanding these principles and implementing them strategically can significantly enhance the prospects of selling a million-dollar home successfully in today's competitive real estate market.
